Annual Celebration Reminds Americans to Create a Savings Plan
KNOXVILLE, Tenn. — University of Tennessee Extension is encouraging Tennesseans to commit to a plan to save money successfully during America Saves Week, April 8-12, 2024.
America Saves established America Saves Week in 2007 to prompt individuals and families to pause and conduct an annual check-in to gain a clear view of their finances and begin taking steps toward financial stability. While saving money may be challenging for some, UT Extension Family and Consumer Sciences Assistant Professor and Consumer Economics Specialist Christopher Sneed explains that regularly putting away any amount of money can help everyday Americans can get started on their savings journey.
“Saving is a habit, not a destination or an amount,” Sneed said. “Even the smallest amount saved can have the greatest impact.” Each day throughout America Saves Week focuses on a different theme related to saving money. Daily themes for 2024 include:
Monday, April 8 | Saving Automatically
Set up automatic savings, either through your employer or financial institution. Saving automatically is a great way to start, and most times, you don’t even miss the money that is going into savings.
Tuesday, April 9 | Saving for the Unexpected
It happens to all of us: you’re saving for something that you’re really excited about and before you know it an unexpected event occurs, causing you to dip into your designated savings. Every day, Americans are forced to use money they were saving to pay for an unexpected expense.
Wednesday, April 10 | Saving for Major Milestones
Life is full of major milestones. Be sure to plan for the big things, like homeownership, retirement and education.
Thursday, April 11 | Paying Down Debt
Just like having a plan for saving is important, so is having a plan to pay down your debt. In fact, paying down debt is a form of savings.
Friday, April 12 | Saving at Any Age
Good money habits are for any age. Talk to family members, whether it be your own children or to older generations, about your money story and goals.
Resources and information on saving money for a variety of reasons including debt repayment, retirement, homeownership and vacations or special events are available on the America Saves website. Those wanting to commit to beginning their savings journey can make a pledge online and create a plan for saving money.
While everyday Americans can have unique circumstances that in many cases make saving money feel difficult, or nearly impossible, UT Extension is committed to helping Tennesseans learn how to take control of their finances and become more financially stable in every stage of life.
The University of Tennessee Institute of Agriculture is comprised of the Herbert College of Agriculture, UT College of Veterinary Medicine, UT AgResearch and UT Extension. Through its land-grant mission of teaching, research and outreach, the Institute touches lives and provides Real. Life. Solutions. to Tennesseans and beyond. utia.tennessee.edu.